Ukraine will receive EUR 88.5 mln grant from World Bank Trust Fund

Ukraine will receive a EUR 88.5 million grant from the World Bank Trust Fund for development policy in the field of economic recovery.

Finance Minister Serhiy Marchenko and World Bank Regional Country Director for Eastern Europe (Belarus, Moldova and Ukraine) Arup Banerji signed the corresponding agreement in Washington on April 21, according to a statement from the Finance Ministry.

The Ministry of Finance clarified that the grant funds will be sent to Ukraine from the donor trust fund, within the framework of the Second Development Policy Loan in the field of economic recovery for Ukraine.

Marchenko noted that the funds allocated to the general fund of the state budget will allow Ukraine to increase funding for social and humanitarian areas and ensure the macro-financial stability of our state.

"Grant assistance is a priority for us, since today we are already thinking about the future and the restoration of the country from catastrophic destruction," the minister emphasized.

The Trust Fund was established by the World Bank Group and has already received contributions from Denmark (about EUR 20.5 million), Iceland (about EUR 460,000), Latvia (about EUR 5 million), Lithuania (about EUR 5 million) and the United Kingdom (about EUR 60 million).